The share price of Mahindra CIE Automotive jumped 8 percent to Rs 394 in on April 26 after the auto components supplier firm reported a nearly 73 percent surge in fourth-quarter profit, boosted by strong domestic and European demand.
At 12.37 pm, the stock was trading 4.7 percent higher on BSE at Rs 375 from its previous day's closing price of Rs 358.6.
The company's consolidated profit stood at Rs 279 crore in the quarter ended March 31, up from Rs 161 crore in the year-ago period. Revenue from the India segment rose 13.3 percent to Rs 1,468 crore, the Mahindra group company said on April 25.
The European business outperformed the Indian business by 5.8 percent. Europe revenue was at Rs 1,553 crore for the quarter, constituting nearly 51.4 percent of total revenue.
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The firm reported revenue of Rs 2,440.2 crore in the fourth quarter, up 18.4 percent from Rs 2,060.8 crore in the December quarter of FY23. Its total expenses jumped 16.7 percent to Rs 2,166 in Q4 of FY23.
Stock Performance
In the last year, the Mahindra CIE stock has surged 71 percent. It has gained 380 percent over the past three years.
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